Gifting Yourself Peace Of Mind With A Financial Power of Attorney

September 17th, 2020

Preplanning is a gift. It’s a gift to yourself, it is a gift to your loved ones, and it is a gift to the things you care about most. It can give you peace of mind knowing your wishes will be carried out in your own way, instead of leaving decisions up to someone else. That, in turn, will make things much easier on your family should you become incapacitated.

By naming a Financial Power of Attorney you will be able to decide who can make decisions on your behalf, and maintain authority and control over yourself by documenting your wishes and instructions.

I tell many clients that a Financial Power of Attorney, in some respects, is actually more important than a will, because Georgia Law has a will written for you. If you die without a will, Georgia will still make sure your assets are distributed amongst your family. However, if you do not have a Financial Power of Attorney, a local judge will put someone in place for you. Most of the time, it will not be someone you would want to be able to make those decisions.

A Financial Power of Attorney is durable, meaning it is valid during your life, should you become incapacitated. However, it is NOT valid when you die. At that point, your will, or the state statute, or your trust will take over.

When you sign a Power of Attorney, you are the Principal. As the Principal, you appoint an agent, who will act on your behalf. You can authorize this person to handle several types of financial dealings for you including:
– financial and business type transactions

– real property

– tangible property

– stocks, bonds, commodities

– banks and financial institutions

– insurance

– annuities

– estates, trusts, and beneficial interests

– claims and lawsuits

– personal and family maintenance

– government benefits
– medicaid benefits, va benefits, and civil service or military pensions

– retirement plans

– managing taxes

This is a lot of responsibility and you may decide you’d like to limit your agent’s ability to deal with one or several of these things. That is why it is SO important to meet with a professional attorney who can help you set up the plan that is right for you.

As a wife and a mom, I know how important it is to get your plans in place for the future. If there is anything we can help you with, we’d be happy to work with you, please click on the contact tab to get in touch today.